Recent reports have sparked market speculation that Donald Trump is expected to sign executive orders to halt the development of the US CBDC digital dollar.
The crypto industry is advocating for President Donald Trump to issue an executive order that prohibits using the Digital Dollar, also known as the US Central Bank digital currency (CBDC). Trump made a comparable pledge to the industry during his presidential campaign in May of the previous year, and it is now time to follow through. Additionally, there is an increasing demand for Trump to issue an executive order to establish a strategic Bitcoin reserve.
- 1 Donald Trump to Issue Executive Order Prohibiting the Use of the US CBDC Digital Dollar?
- 2 What is to be anticipated during the Trump administration?
- 3 Strategic Bitcoin Reserve in Place of US CBDC
- 4 White House Crypto Council
- 5 Ross Ulbricht, the founder of Silk Road, is hereby granted forgiveness
Donald Trump to Issue Executive Order Prohibiting the Use of the US CBDC Digital Dollar?
Eleanor Terret, a journalist for Fox Business, has stated that President Donald Trump is expected to implement two significant executive orders concerning cryptocurrency. One order is anticipated to establish a dedicated crypto council, while the other would prohibit the creation of a Central Bank Digital Currency (CBDC).
According to reports, the Crypto Council is scheduled to convene this Thursday, during which the crypto industry can anticipate significant decisions. However, the potential actions have generated widespread interest and speculation within the crypto community, as Terret mentioned that details regarding the executive orders remain unclear.
In addition to his endorsement of Bitcoin last year, Donald Trump declared that he would never permit the establishment of a US CBDCs. Conversely, there has been a significant emphasis on establishing a strategic Bitcoin reserve. As a reserve asset, the President has repeatedly stated that Bitcoin will contribute to reducing the massive US National Debt of $36 trillion.
What is to be anticipated during the Trump administration?
Although numerous crypto industry members anticipated that Donald Trump would issue crypto executive orders on Day 1, this has not yet transpired. The industry is intrigued to determine whether Trump will fulfill his commitments to the crypto industry and follow through on them. The following are a few market expectations for the first 100 days at the office.
Strategic Bitcoin Reserve in Place of US CBDC
Donald Trump has personally praised the asset class, and the industry has prioritized the establishment of a strategic Bitcoin reserve. The same has received the backing of prominent industry figures such as Michael Saylors and the crypto exchange Coinbase.
Currently, the industry is anticipating the issuance of an executive order, with Wyoming Senator Cynthia Lummis serving as an aggressive advocate for it. Other leaders have also opposed the US CBDC or a USA coin for the same reason.
Don’t get distracted by shiny objects.
— Cynthia Lummis
Strategic. Bitcoin. Reserve.
Washington is a swampy place. Decentralize the savings. #BitcoinAct pic.twitter.com/M3sMhRxewT(@CynthiaMLummis) January 20, 2025
White House Crypto Council
The Trump administration will probably establish a presidential crypto council consisting of approximately 20 prominent figures from the cryptocurrency industry. The council will provide the policy guidance, which is anticipated to consist of prominent CEOs and founders. Additionally, it will guide digital asset matters and assist in developing the administration’s crypto regulatory strategy during the Trump administration.
Donald Trump has appointed David Sacks as the White House’s crypto administrator to establish a regulatory environment conducive to the cryptocurrency industry. Additionally, reports indicate that Trump will permit US banks to provide crypto trading services, and the SEC leadership will likely repeal the contentious Staff Accounting Bulletin 121 (SAB 121) rule.
Ross Ulbricht, the founder of Silk Road, is hereby granted forgiveness
In May of the previous year, Donald Trump declared during the Presidential campaign that he would commute the sentence of Ross Ulbricht, the founder of Silk Road, on his first day in office. Insiders suggest that Trump will commute Ulbricht’s sentence within 24-48 hours, even though the Trump team has not made any statements.
